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Is Statoil (STO) A Good Hedge Against A Declining Dollar?

|Includes:Statoil ASA (STO)

I found two contrary arguments about whether Statoil ($STO) is a hedge against the decline of the US dollar.

First, there is the argument made here:

I believe Statoil is a great hedge against future USD weakness.

Then there is the counterargument made here:

Most of Statoil's revenue is made in terms of the U.S. dollar, which is used to price the global oil market. However, most of Statoil's costs are paid with the Norwegian kroner. Thus, a decrease in the value of the dollar against the kroner can adversely affect earnings. Because revenue will decrease and costs will increase relative to each other. Conversely, an increase in the strength of the dollar versus the kroner will benefit profits.

So what do you all think? Which is it?

Disclosure: I am long STO.

Additional disclosure: Considering selling my STO position.

Stocks: STO